DePin, Sustainability, Social Media: Key Trends to Watch in the Next Crypto Bull Run
2024 is set to be a big year for the crypto industry. After a late rally, the community is eagerly awaiting two key events: Bitcoin’s 2024 halving and the introduction of spot crypto ETFs. After a lengthy and cruel crypto winter, some are daring to dream that the ice may be starting to thaw. Several subsectors of the blockchain world are set to make a big push toward mainstream adoption during the next bull run, but the question is: Which ones?
Decentralised Infrastructure Providers May be Game-Changers
Decentralised Physical Infrastructure Networks (DePIN) is the latest trend in the blockchain industry and for good reason. It may very well be the next evolution of Web3 that catapults the technology into the mainstream.
In simple terms, DePIN is an added layer to pre-existing, real-world products that help them become truly decentralised. Think of a decentralised version of Uber, where the drivers are fairly compensated for their efforts without a middle-man filling their own pockets.
Social Media May Be Next in Line
Web3 presents an interesting solution to the current era of social media. Although TikTok, Instagram and Facebook still rule the roost, there’s no doubt public satisfaction with the ad-heavy platforms is waning. Blockchain technology can be used as a sustainable way to generate revenue for creators without relying on heavy-handed ads and privacy breaches.
Sustainability Issues Must be Resolved
If the cryptocurrency industry intends to move away from a niche asset into widespread, everyday technology, the sector simply must address its sustainability issues. Everybody already knows how Bitcoin mining is incredibly damaging to the environment (with the coin’s consensus mechanism consuming as much power as the entire nation of Finland).
Luckily, long-term sustainability measures have been slowly burning in the background of this crypto winter. Ethereum already made the switch to Proof-of-Stake – a more environmentally-conscious verification method – and several companies are working to make Bitcoin viable in the long term. Greater regulation for BTC on the back of institutional investment in a spot ETF will likely accelerate research in ways to reduce the coin’s carbon footprint.
Other big industries that may be in line for a shake-up in 2024 include: